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REGISTERED NUMBER: 08869983 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Open Property Finance Limited

Open Property Finance Limited (Registered number: 08869983)






Contents of the Financial Statements
for the Year Ended 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Open Property Finance Limited

Company Information
for the Year Ended 30 APRIL 2023







DIRECTORS: S Cove
J Harris-Cohen
Mrs N Cove





REGISTERED OFFICE: Suite 1
Europa House
13 Marsham Way
Gerrards Cross
Buckinghamshire
SL9 8BQ





REGISTERED NUMBER: 08869983 (England and Wales)





ACCOUNTANTS: The Greene Partnership LLP
Chartered Accountants
Suite 2C, Brosnan House
175 Darkes Lane
Potters Bar
Hertfordshire
EN6 1BW

Open Property Finance Limited (Registered number: 08869983)

Balance Sheet
30 APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,039,365 3,429,328
Investments 5 100 100
3,039,465 3,429,428

CURRENT ASSETS
Stocks 6 6,126,706 6,868,240
Debtors 7 4,122,097 3,976,687
Cash at bank and in hand 236,876 12,535
10,485,679 10,857,462
CREDITORS
Amounts falling due within one year 8 4,955,853 5,893,772
NET CURRENT ASSETS 5,529,826 4,963,690
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,569,291

8,393,118

CREDITORS
Amounts falling due after more than one year 9 (8,530,944 ) (8,471,072 )

PROVISIONS FOR LIABILITIES 12 (60,000 ) -
NET LIABILITIES (21,653 ) (77,954 )

CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Investment property
revaluation reserve 14 522,236 416,836
Retained earnings 14 (544,889 ) (495,790 )
SHAREHOLDERS' FUNDS (21,653 ) (77,954 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Open Property Finance Limited (Registered number: 08869983)

Balance Sheet - continued
30 APRIL 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





J Harris-Cohen - Director


Open Property Finance Limited (Registered number: 08869983)

Notes to the Financial Statements
for the Year Ended 30 APRIL 2023

1. STATUTORY INFORMATION

Open Property Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Open Property Finance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents sales of properties and rents received from the stock of properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Website - 15% on reducing balance
Computer equipment - 15% on reducing balance

All properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. The directors consider that this policy results in the accounts giving a true and fair view.

Stocks
Stock of properties are valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Open Property Finance Limited (Registered number: 08869983)

Notes to the Financial Statements - continued
for the Year Ended 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Freehold Long Computer
property leasehold Website equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 May 2022 2,358,816 1,049,442 27,808 21,793 3,457,859
Additions 27,229 14,657 - - 41,886
Disposals (518,347 ) (31,193 ) - - (549,540 )
Revaluations 42,252 78,594 - - 120,846
At 30 April 2023 1,909,950 1,111,500 27,808 21,793 3,071,051
DEPRECIATION
At 1 May 2022 - - 14,108 14,423 28,531
Charge for year - - 2,055 1,100 3,155
At 30 April 2023 - - 16,163 15,523 31,686
NET BOOK VALUE
At 30 April 2023 1,909,950 1,111,500 11,645 6,270 3,039,365
At 30 April 2022 2,358,816 1,049,442 13,700 7,370 3,429,328

Freehold and leasehold investment properties were revalued by the directors on an open market basis on 30 April 2023.
.

Cost or valuation at 30 April 2023 is represented by:

Freehold Long Computer
property leasehold Website equipment Totals
£    £    £    £    £   
Valuation in 2018 148,134 44,728 - - 192,862
Valuation in 2019 58,829 1,595 - - 60,424
Valuation in 2020 (24,784 ) 6,000 - - (18,784 )
Valuation in 2021 (3,249 ) 25,137 - - 21,888
Valuation in 2022 210,000 (5,000 ) - - 205,000
Valuation in 2023 42,252 78,594 - - 120,846
Cost 1,478,768 960,446 27,808 21,793 2,488,815
1,909,950 1,111,500 27,808 21,793 3,071,051

Open Property Finance Limited (Registered number: 08869983)

Notes to the Financial Statements - continued
for the Year Ended 30 APRIL 2023

4. TANGIBLE FIXED ASSETS - continued

If investment properties had not been revalued they would have been included at the following historical cost:

30.4.23 30.4.22
£    £   
Cost 2,439,214 2,946,868

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 May 2022
and 30 April 2023 100
NET BOOK VALUE
At 30 April 2023 100
At 30 April 2022 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Landlord Buyer Limited
Registered office: Suite 1, Europa House, 13 Marsham Way, Gerrards Cross, England, SL9 8BQ
Nature of business: Property Agents
%
Class of shares: holding
Ordinary 100.00

6. STOCKS
30.4.23 30.4.22
£    £   
Stock of properties 6,126,706 6,868,240

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Amounts due on completion 15,800 508,395
Director's loan 79,016 103,152
Amount due from subsidiary 36,613 145,328
Other debtors and prepayments 3,990,668 3,219,812
4,122,097 3,976,687

Open Property Finance Limited (Registered number: 08869983)

Notes to the Financial Statements - continued
for the Year Ended 30 APRIL 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts (see note 10) 4,545,307 5,238,762
Trade creditors and accruals 99,274 140,520
Social security and other taxes 19,480 17,692
VAT 16,930 31,457
Sundry loans 274,862 465,341
4,955,853 5,893,772

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans (see note 10) 44,204 54,332
Sundry loans (see note 10) 8,486,740 8,416,740
8,530,944 8,471,072

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 21,056 16,288
Sundry loans more than 5 years 8,486,740 8,416,740
8,507,796 8,433,028

10. LOANS

An analysis of the maturity of loans is given below:

30.4.23 30.4.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 99,350 98,277
Bank loans 4,445,957 5,140,485
4,545,307 5,238,762

Amounts falling due between one and two years:
Bank loans - 1-2 years 11,111 12,057

Amounts falling due between two and five years:
Bank loans - 2-5 years 12,037 25,987

Amounts falling due in more than five years:

Open Property Finance Limited (Registered number: 08869983)

Notes to the Financial Statements - continued
for the Year Ended 30 APRIL 2023

10. LOANS - continued
30.4.23 30.4.22
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years 21,056 16,288
Sundry loans more than 5 years 8,486,740 8,416,740
8,507,796 8,433,028

11. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank overdrafts 99,350 98,277
Bank loans 4,490,161 5,194,817
4,589,511 5,293,094

The bank loans are secured by way of fixed and floating charges over various stock of properties.

12. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax 60,000 -

Deferred
tax
£   
Provided during year 60,000
Balance at 30 April 2023 60,000

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
1,000 Ordinary Share £1.00 1,000 1,000

Open Property Finance Limited (Registered number: 08869983)

Notes to the Financial Statements - continued
for the Year Ended 30 APRIL 2023

14. RESERVES
Investment
property
Retained revaluation
earnings reserve Totals
£    £    £   

At 1 May 2022 (495,790 ) 416,836 (78,954 )
Deficit for the year (64,545 ) (64,545 )
Revaluation for the year - 120,846 120,846
Deferred tax adjustment 15,446 (15,446 ) -
At 30 April 2023 (544,889 ) 522,236 (22,653 )

15. DIRECTORS LOAN ACCOUNT

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

30.4.23 30.4.22
£    £   
J Harris-Cohen
Balance outstanding at start of year 103,152 110,600
Amounts repaid (24,136 ) (7,448 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,016 103,152

Open Property Finance Limited (Registered number: 08869983)

Notes to the Financial Statements - continued
for the Year Ended 30 APRIL 2023

16. RELATED PARTY DISCLOSURES

Sundry loans include an amount of £2,166,739 from Lanvin Trading Limited, a company in which Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. During the year the company paid interest on the loan totalling £107,400 to Lanvin Trading Limited.

Sundry loans include an amount of £4,500,000 from Kooples Properties Limited, a company in which Mr Stuart Cove and Mrs Nicola Cove are shareholders. During the year the company paid interest on the loan totalling £253,000 to Kooples Properties Limited.

Sundry loans include an amount of £1,670,001 due to Hackett Trading Limited, a company controlled by close family members of Mr Stuart Cove and Mrs Nicola Cove. During the year the company paid interest on the loan totalling £75,375 to Hackett Trading Limited.

Sundry loans includes an amount of £150,000 due to Overnite Bearings Limited, a company controlled by close family members of Mr and Mrs Cove. During the year paid interest on the loan totalling £2,063 to Overnite Bearings Limited.

Other debtors and prepayments includes an amount of £2,936,245 due from Open Trading Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. During the year the company received loan interest totalling £437,837 from Open Trading Limited.

During the year the company recharged wages totalling £400,242 and advertising totalling £490,610 to Open Trading Limited.

Other debtors and prepayments includes an amount of £107,115 due from Move Places Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders.

Other Debtors and prepayments includes an amount of £722,942 due from Open Online Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders.

Other debtors and prepayments includes an amount of £89,461 due from Open Online Agency Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders.

Other debtors and prepayments includes an amount of £43,927 due from Open Trading Two Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders.

17. ULTIMATE CONTROLLING PARTY

The controlling party is the directors.